Meet the developers who built the AiCR platform from the ground up.

What does it actually take to build something that's never been built before?

In this episode, host Joe Furlough sits down in the office with the three developers behind AiCR, Mychal, Paolo, and RJ, for an honest, unscripted conversation about what it's really like to build a platform at the edge of what's technically possible. They talk through the challenges of working with unstructured data, the reality of their daily routines, and where they see the platform heading next.

• Building AiCR means solving problems you can't Google. The team constantly navigates uncharted territory with no existing roadmap.
• All three developers started as interns through community college, growing into the full-time engineers running the platform today.
• The technical stack is built around security and flexibility, pulling data from multiple sources and adapting to each use case rather than forcing users into a fixed schema.
• The team's vision for the future is touchless: a platform that delivers what users need without them having to lift a finger.

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

Mortgage servicing rights are one of the most complex assets in the market, and one of the most misunderstood. 

What does it actually take to value and trade MSRs at scale?

Joe Furlong sits down with Mike Carnes, who leads the MSR team at MIAC, to break down how the MSR market really works. Mike's team handles over $52 trillion in annual MSR valuations across residential and commercial, and he's been doing this for 33 years. He walks through what drives MSR pricing today, why buyers are still chasing 2020–2021 originations at mid-six multiples, and where the market is heading.

• How interest rate swings create a natural hedge in MSR portfolios and why that matters for servicers watching their production volume drop
• Why a low note rate product (3% mortgages) can sit in your portfolio for 10–15 years, and what that means for cross-sell and recapture strategy
• The pending FASB change on recapture value, and why Mike calls it a game changer for transparency in fair value reporting
• Why non-QM and DSCR products are gaining serious attention from servicers and what makes the margins so attractive right now

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

Whole loan trading is the market where mortgage loans are bought and sold between lenders and investors.

What happens when a loan can’t be sold through a traditional agency channel?

In this episode of The AiCR Exchange, Joe Furlong speaks with Nick Dorn, who leads MIAC’s whole loan trading desk. Nick explains how scratch and dent, non-QM, and non-performing loan sales work, what investors are looking for, and how deals actually get executed behind the scenes.

• What scratch and dent loans are and why lenders need to move them quickly
• How non-QM products like bank statement and DSCR loans differ from agency lending
• Why investor demand for non-QM remains strong despite higher rates
• How MIAC manages the loan sale and diligence process from start to finish

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

Historical document research depends on organizing large amounts of handwritten records, archived files, and disconnected information.

How do historians and researchers actually work through decades of documents to find what matters?

In this episode of The AiCR Exchange, Joe Furlong sits down with Dr. Jonathan DeCoster, Kathleen Miller, and Miles Gabrielli-Burke from the University of New England to talk about historical document research, community-based learning, and the challenges of working through archived materials. The conversation breaks down how researchers approach historical records, how students participate in real-world projects, and why organizing information is often one of the hardest parts of the process.

•  How historians approach document research and archives 
•  The challenges of working with handwritten and historical records 
•  Community-based research projects and student involvement 
•  What historical document workflows actually look like day to day

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

This episode breaks down how behavioral models are built and used in mortgage and capital markets.

How do you actually turn loan data into something you can trust for decision-making?

In this conversation, the focus is on what goes into behavioral modeling beyond the surface level. It walks through how teams think about prepayment and default behavior, what data matters, and where models can break down if assumptions are off. The discussion stays grounded in how this work is done day to day, not just how it looks in theory.

•  What “behavioral modeling” really means in practice 
•  How prepayment and default assumptions are formed 
•  Where data quality impacts outcomes 
•  How teams use models to support real decisions

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

In this episode of The AiCR Exchange, Joe Furlong sits down with Patrick Zoro, Professor and MFE Program Lead at Lehigh University, to discuss how students move from the classroom into real careers in capital markets.

Patrick brings a unique perspective, having worked on Wall Street before transitioning into academia. The conversation focuses on what actually matters for students trying to break into finance today and how that has changed with AI.

They cover:

•  Why coursework alone is no longer enough to get hired
•  How AI is changing resumes, applications, and hiring dynamics
•  The growing importance of networking, relationships, and soft skills
•  How real-world projects and internships drive better outcomes than traditional learning
•  What employers actually look for beyond technical ability

One of the key takeaways: AI can help build the perfect resume, but if everyone has the same tools, the difference is still the individual. This episode is a practical look at how hiring really works today, and what students need to do differently to stand out in an increasingly automated world.

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

In this episode of The AiCR Exchange, Joe Furlong is joined by John Cooper, who leads MIAC’s due diligence efforts across the United Kingdom and the Eurozone.

They discuss how loan review and securitization due diligence differ between the U.S. and European markets, including the impact of lender-specific processes, documentation standards, and regulatory frameworks across different countries. The conversation explores how these differences affect loan file structure, review procedures, and the overall diligence process.

Joe and John also touch on current market issues in the UK and Europe and why experienced review teams are essential when working across multiple jurisdictions and lending systems.

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

In this episode of The AiCR Exchange, Joe Furlong is joined by Dean Hurley, who leads MIAC’s Whole Loan Valuation Group, for a detailed look at how residential, commercial, and consumer whole loans are valued in today’s market.

They discuss MIAC’s structured valuation process, including data normalization, assumption setting, cash flow modeling, and supervisory review. The conversation highlights why data quality is critical, how assumptions are applied when data is incomplete or inconsistent, and how disciplined processes support defensible valuations.

Joe and Dean also explore how spreads are determined, how market demand influences pricing beyond pure mathematical models, and why valuation requires both analytical rigor and practical market judgment. The episode covers current pricing dynamics in residential and non-QM markets, stress testing frameworks, and how macroeconomic scenarios impact portfolio values and credit loss projections.

The discussion closes with Dean’s perspective on interest rates, yield curve shifts, and what the next 12 to 24 months may look like for mortgage origination and loan pricing.

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

In this episode of The AiCR Exchange, Joe Furlong is joined by Paul Raebel for a behind-the-scenes look at mortgage loan delivery and what it actually takes to sell and securitize loans with Fannie Mae, Freddie Mac, and Ginnie Mae.

They discuss why data quality drives the entire delivery process, how missing or inconsistent data creates bottlenecks, and where issues most commonly surface during agency deliveries. The conversation covers common data challenges, modified loans, early buyouts, and why delivery is far more than simply submitting a loan file.

The episode also touches on how agency requirements have evolved over time, why delivery failures can still occur, and how experienced delivery specialists manage the full process across secondary, shipping, custodians, servicing, and investors to ensure timely settlement.

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making. 

In this episode of The AiCR Exchange, Joe Furlong is joined by Eric Dunham for a behind-the-scenes look at SBA lending and the realities of financing small and mid-sized business acquisitions.

They discuss how SBA loans are structured, why the process is highly document-intensive, and where delays typically occur in practice. The conversation covers common transaction pitfalls, the role of borrower and seller cooperation, and how experienced advisors help keep deals moving.

The episode also touches on current market dynamics, deal sizing, flexibility within SBA guidelines, and how factors like government shutdowns can affect loan timing.

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.